Carrefour Rolls Out First Sustainability-Linked Credit Lines In European Retail
June 13 2019 - 1:15PM
Dow Jones News
By Dieter Holger
Carrefour SA (CA.FR) has made the first corporate social
responsibility-linked credit transaction in Europe's retail sector,
linking two existing lines of credit totaling 3.9 billion euros
($4.41 billion) to the French retailer's sustainability
performance.
Carrefour said Thursday that in addition the CSR amendment, it
also extended the two lines of credit to 5 years from 3.1 years,
meaning they now mature in June 2024. The loans are based on the
food retailer's progress toward a more sustainable and healthy food
system--a process known as the food transition--which follows the
"CSR and Food Transition Index" that Carrefour launched in 2018 to
pilot its progress, the company said.
The index tracks Carrefour's progress in four main areas:
products, stores, clients and employees, including sustainable
fishing, reducing packaging and slashing food waste.
"We are proud to be a pioneer in these CSR-linked operations,
which constitute another step in Carrefour's ambition to be the
leader of the food transition for all," CFO Matthieu Malige
said.
Write to Dieter Holger at dieter.holger@dowjones.com;
@dieterholger
(END) Dow Jones Newswires
June 13, 2019 13:00 ET (17:00 GMT)
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